Cryptocurrency scams have been on the rise recently, with $109 million lost to scammers in Australia between January and November of this year. This is a 172% increase from the same period last year.
These scams often involve investment schemes in which people are duped into investing money in fake cryptocurrencies or exchanges. Victims can lose everything they’ve saved, sometimes within minutes of investing. While it’s impossible to know exactly how many people have been scammed in this way, it’s clear that the problem is only getting worse.
The Australian Federal Police have warned that criminals are quick to exploit a crisis, and that more people working from home present greater opportunities for criminals to target victims. Criminals use a variety of methods to lure in victims, including phishing emails and fake websites that mirror the real thing. Victims are often targeted when they’re in search of investments like cryptocurrencies.
The scammers don’t stop at crypto exchanges, however; they also offer victims shares in companies like Airbnb or Coinbase through their own fake platforms. Although some people may be tempted by these offers, investing is usually a terrible idea unless you fully understand what you’re doing yourself.
The Financial Authenticity Network recommends never handing over money to strangers on the phone if you get unsolicited calls offering an investment deal. If someone comes to your door claiming to work for Australian brokerage Druid ICAV with an offer for exclusive access to hot cryptocurrency IPOs, ask them to leave before anything goes wrong! New reports show that scammers have stolen more than $100 million from Australians this year.
These scams often involve investment schemes in which people are duped into investing money in fake cryptocurrencies or exchanges. Victims can lose everything they’ve saved, sometimes within minutes of investing. While it’s impossible to know exactly how many people have been scammed in this way, it’s clear that the problem is only getting worse.